UPDATED - GOLD (probability) weekly movement for 17 Sep - 24 Sep

アップデート済

Hi. I am sorry this is an update from my previous published idea for the weekly prediction. I am new at publishing ideas in this platform, please accept my apology. This new update is because I failed to consider the previous (this week) movement on the last published idea. Tq and feel free to comment. All feedback are welcome since I am still learning.

ノート

As the market closed this week, the price is back in the high value zone. As the market open next week, for me I will monitor the price action inside this zone either for a breakout sign at a lower TF (maybe 5, 15 up to 30M). As for now there is also a possibility for a double bottom if the price breakout upwards and close above the neckline. If the price breakout downwards it is possible it is an impulse move and continuation of bear market and look for pullback for entry. For me personally, entry will be confirmation based on candle formation (38.2% pinbar, engulfing, or close higher/lower candle) depends on market structure and trend. Good luck all.

ノート

DAY 1 20 Sep -

Price attempted to break the low of the zone but failed. In this attempted the H4 (MT4) closed as a 32.8% bullish pin bar. M15 formed a double bottom with retest to the neckline again rejected and closed as a pin bar (bullish).

On Daily TF the price is due for a pullback after making an impulsive move making a lower low.

So maybe bullish? Any comment?

ノート

DAY 2 21 Sep-

Price has moved up half way to the next upper high value zone. So indeed it is bullish yesterday.

However at this level it seems the price has met resistance and stalling. So, there will be either today it continue to stall here, retest back down to the lower zone, or break the resistance to continue moving up to the next zone.

As price action at the lower TF looks like an ascending wedge, however every time the price failed to break resistance a bearish 38.2% pin bar formed.

Doesn't matter as I only react to price action in the zone.

Safe trade everyone. If you read this please support by leaving a comment or give a like. Really appreciate it. Thank you.

ノート

The price has touched the lower level of the upper zone as it moved up passed the minor resistance. Critical area, let us see how the price react here.

ノート

DAY 3 22 Sep -

As mentioned yesterday critical area as the price tested the lower level of the zone.

FOMC just around the corner. Trade safely.

ノート

FOMC =

So, price was pushed into the zone and immediately rejected the top of the zone. News is not ended yet this week, there are couple of other high impact news coming till end of the week. I will continue to follow my trading plan and so far I am happy. Daily has yet to close but the market structure becoming clearer, maybe a new lower high here after the rejection at the zone, TPs reached, and hedged in profit. Hope everyone is also doing great. Cheers.

ノート

DAY 4 - 23 Sep

Straight forward movement, post FOMC after rejection at upper zone price moved down back to lower zone, now testing the entry level to the high value zone. Of course it is just a direction, not confirmation. Entry must be based on PA, TA, Structure, and all the confluence you can find. However it is sometimes important to keep thing simple and do not end up into a situation known as analysis paralysis.

All the best on your next entry, let concentrate this area now.

ノート

LAST DAY OF THE WEEK-

All the news, and whole week, price has failed to break out from ranging between the zone. Yesterday probable impulsive Daily move bounced back from the bottom level of the zone, later there ll be a high impact news.

Let us see how the PA will be now, or I might close all my position and repeat back next week.

End of this week analysis.

Mat_Rok